Q1. Illustrate the way in which market forces shape the organizational responses using a range of examples
Q2. Jerome moonlights: he holds down two jobs. The higher paying job pays w, but he can work at most eight hours. The other job pays w*, but he can work as many hours as he wants. Show how Jerome determines how many hours to work.
Q3. What is the meaning of tit-for-tat in game theory? What conditions are usually required for tit-for-tat strategy to be the best strategy?
Q4. Ace hardware sells 1000 hammers per day. They have a fixed cost of 5000 and a variable cost of 15,000. What would be the average fixed cost, average variable cost, and average total cost?